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Turkey is bankrupt

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Re: Turkey is bankrupt

Postby Maximus » Tue Nov 23, 2021 11:34 pm

erolz66 wrote:
The lira is just an extreme example. All fiat currencies are on the spectrum mate. You think its crazy that Turkey has a base rate of 15% when inflation is over 20% ? You think sterling is any different ? Base rate 0.1 %, official inflation rate 4.2% and real inflation much worse with way way way more to come. You think your euros are safe ? You think central banks care about you ? You think they are protecting you ? Dream on my friend. Central banks everywhere are not protecting people , they are trying to protect a system. You feel sorry for ordinary Turks being at the whim of a nutter like Erdogan. Well my friend your wealth when held in euros or any other fiat is destroyed at the whim of central bankers just the same.


My euros dont lose 30% of their value in a week or every year.

the price of goods and services doesnt go up by 20% every other month in the eurozone.

Did you factor that in to your equation.

I am confident holding, euro, gbp or usd. Yes, the central banks are protecting a system and they want to protect the value of their countries currency along with that. Some central banks and governments are better at doing that than others.

What is the alternative? bitcoin? that eco system is still very much dependent on fiat currency. I wouldnt convert all my money in to bitcoin. Would you?

Even that can depreciate by 50% over the course of a couple of years. Yeah it can go double too but now we are talking about gambling with your life savings.

But this is not a debate about fiat vs bitcoin, but if you want to debate about euro vs TL, then in my opinion, the former wins hands down.

or debate Bitcoin vs TL, in my opinion, the former wins hands down.

Anyone earning or saving in Turkish lira is going to find themselves in a lot of financial trouble.

Im content holding a currency that doesnt lose much value over time, with spending power in a marketplace that has little price volatility (inflation).
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Re: Turkey is bankrupt

Postby erolz66 » Tue Nov 23, 2021 11:56 pm

Maximus wrote:My euros dont lose 30% of their value in a week or every year.

the price of goods and services doesnt go up by 20% every other month in the eurozone.


Relative to what ? Other inflationary fiat currencies ? How much value have your euros lost relative to bitcoin over the life time of bitcoin to date ? You think you can get the same amount of bread for your euro at the end of a year as you got at the start of it ? Who controls how much less bread your euros will buy at the end of the year vs the beginning of it ? How much bread does my bitcoin buy me at the end of the year vs the beginning of it ? More bread or less ? I can buy over 10 times as much bread with my bitcoin from when I bought them. You think if I bought euros instead I could now exchange them for 10 times more bread than when I bought the euros ?

Did you factor that in to your equation ?

Maximus wrote:I am confident holding, euro, gbp or usd.


Yes you can be absolutely confident that you will be able to buy less with each dollar or euro or gbp over time. Its a certainty. Inflation is going to explode globally over the next 5 to 10 years. Smoke and mirrors will only keep the illusion going for so long. Covid delayed the reckoning by a few years which just means the reckoning is just going to be that much more severe.

Maximus wrote:But this is not a debate about fiat vs bitcoin,


You debate what you want, I will do the same thank you very much.
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Re: Turkey is bankrupt

Postby Maximus » Tue Nov 23, 2021 11:59 pm

good for you,

Put your money where your mouth is and convert all your money to bitcoin.

no need to argue with a plum like me.
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Re: Turkey is bankrupt

Postby Maximus » Wed Nov 24, 2021 6:00 pm

just as I was saying the other day,

Apple seems to have (temporarily) suspended all sales of its products in turkey due to price instability.

Basically, they are selling in TL and they are probably losing money by the time they can get to converting it to USD.

They also probably realized that they can sell their products later at higher prices but so too have the consumers.

It has been reported elsewhere, that Turkish consumers are looking at high end electronics items, like apple iphones and computers as a store of value or to flip.

They are trying to buy today and to sell tomorrow at higher prices.

But for now, they cant get them and I am sure other merchants are going to follow suit.
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Re: Turkey is bankrupt

Postby erolz66 » Wed Nov 24, 2021 6:28 pm

That is human nature. Not unlike RoC citizens seeking cheaper fuel and other bargains in the north, which has only become more compelling with the lira dive. I was checking new mobile phone prices today as I was thinking of one as a xmas present for my wife. The lira shenanigans just encouraged me to look a bit earlier than otherwise.
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Re: Turkey is bankrupt

Postby Maximus » Wed Nov 24, 2021 6:36 pm

Its seems that my comments are hitting some raw nerves with you.

I thought you weren't Turkish.

Whats the deal?
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Re: Turkey is bankrupt

Postby erolz66 » Wed Nov 24, 2021 6:47 pm

Maximus wrote:Its seems that my comments are hitting some raw nerves with you.

I thought you weren't Turkish.

Whats the deal?


Not hitting any nerves at all ? You know I am not Turkish ? What is the deal ?

I was just pointing out that it is only human nature to behave in the ways you described was happening in Turkey as a result of the currency crisis. We do use TL over here and every time this happens people start accusing retailers (from petrol stations to electronics to anything) of 'selling old stock at new prices', like the retailers do not have to worry about the price of replacing stock. Yet the people making such accusations are the same ones rushing out to fill their tanks and buy up stocks of gas bottles and go looking for a quick bargain un old priced items from whisky to electronics.

Like I say , human nature.

By the way if how much you talk about Turkey is indicative of how Turkish you may be, then you would look more Turkish than me. Statically speaking.
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Re: Turkey is bankrupt

Postby Maximus » Wed Nov 24, 2021 6:54 pm

Going by your logic, since you talk a lot about cryptocurrency, you would look more like a shiba inu than a human.
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Re: Turkey is bankrupt

Postby erolz66 » Wed Nov 24, 2021 7:13 pm

Maximus wrote:Going by your logic, since you talk a lot about cryptocurrency, you would look more like a shiba inu than a human.


I guess the point I was trying to make is you see things through your 'Turkey' lens. If I comment about Turkey it must be because I am really a Turk and must knee jerk defend Turkey. Yet that is just actually divorced from reality. You know it is. There is a reality I would suggest that it is you that has distorting 'Turkey lenes' on. If you look at the complete and total evidence available that is, the 100% complete forum record of everything posted by anyone. I would suggest you are the one who is on the extreme end of the 'sensitivity to Turkey' spectrum and then because of that you end up projecting this on to those who do comment on your Turkey based posts.

I think its more you mate than me :) Just my opinion of course.
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Re: Turkey is bankrupt

Postby Maximus » Wed Nov 24, 2021 7:25 pm

Absolutely wrong,

I am commenting on the state of the Turkish economy, because I have an interest in finance and economics.

Unlike you and Bordo, who are getting triggered and trying to snipe at me, the GC's, and the Cypriot economy from 10 years ago.

:roll:
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